Have you ever tried offshore banking – in particular, Caribbean banking? It is really good if you know which jurisdiction to pick and which bank to apply to. The banking sector in some offshore destinations may be going through hard times, or a particular bank may be unsuitable for your purposes because you are going to deal with cryptocurrency, for example. With that in mind, the specialists of our portal (called International Wealth) offer customers a free one-on-one session where they will analyze the situation and help with the choice.
In this post, we are going to consider Belize, a really attractive Caribbean destination whose banking sector offers a lot of advantages compared to European or American banks. This is an excellent jurisdiction for company registration, asset protection, and keeping your savings. You can read a detailed article on opening a corporate account in Belize on our portal and find much more information on offshore banking.
You can also click on the link to book a session with our specialists. Some offers are free, like choosing a suitable jurisdiction for company registration or opening a corporate account depending on the type of your business, the location of your counterparties, and so on. We also provide paid services when it comes to helping companies and individuals open accounts online or dealing with any other administrative procedures.
Are All Companies Eligible?
We are going to recommend a reliable bank to you (we will call it the Bank), and in the majority of cases, it is ready to onboard companies from all over the world.
Certain restrictions do exist, however.
- The first one is connected with the jurisdiction of company incorporation: there are a number of countries it will not deal with, like Russia, Belarus, Iran, Liberia, or North Korea (follow the above link to see a full list).
- The second restriction is imposed on the activities the company engages in. If your business is related to tobacco, weapons, gambling, cryptocurrency, pornography, multi-level marketing, or selling marijuana and substances like that, you cannot open an account with the Bank.
Reasons to Opt For Belize
Belize’s banking sector has a lot to offer, and here are the main advantages that will hopefully impress you:
- Safe banking legislation. The local laws are in most cases much safer than at home as the authorities made an effort to elaborate a well-structured framework to reliably protect the interests of non-resident clients. The banking sector here is well-regulated – and it is on your side.
- High liquidity rates. Banks in Belize are required to keep a really high liquidity rate (it exceeds 24%, while some banks in North America are quite comfortable with about a 5% liquidity rate, which is a huge difference). As a result, investors can feel safe about their funds.
- Enhanced confidentiality. Your name and account details will never be disclosed unless the bank receives a court order to do so that is related to criminal proceedings. Any violations of privacy are punished by a fine or even a prison term, so the requirements are met in 100% of cases. However, high confidentiality standards do not imply you can engage in money laundering and similar kinds of activities.
- Strong asset protection. If you are looking for a stronghold for your wealth, you have found it. Belize banks give reliable guarantees, and your money will be preserved even in case of a lawsuit against your company (for example, if you have an LLC in Belize, no foreign judgments against it will be recognized).
- Ease of international banking. Some customers feel confused when they think of dealing with international banking operations. However, banks in Belize have made an effort to ensure that the process is straightforward: you will be offered convenient mobile apps and online platforms to pay your counterparties with just one click.
- Low minimum deposit. The minimum amount you are required to have to keep your account operational ranges from 500 to several thousand US dollars. Compare it to figures in Singapore or Hong Kong where they vary between 10,000 and 100,000.
As you see, Belize is a jurisdiction worth considering if you are seriously looking at an offshore banking opportunity.
Let’s look at the most popular products you can take advantage of. There are many others available on demand, and you can click on the above link to ask our specialists for a specific bank product you need. However, most customers will need a quickly functioning account and bank cards, so let’s take a good look at these opportunities.
VISA Prepaid Cards
Get a Belize Bank prepaid card to:
- Make purchases anywhere where VISA cards are accepted
- Freely move your funds between different cardholders
- Withdraw cash at any ATM in any country
- Top up the card for up to 20,000 US dollars
The fees you will have to pay for the card use are quite modest: for instance, the annual membership fee is just USD 50, and you will need to pay 3% of the commission on the respective amount when you reload the card. All the other fees are negligible, and you can see a full list of these by clicking on the article above.
Types of Bank Accounts
You can open a fixed-rate deposit or a corporate on-demand deposit account (used for regular transactions). The currencies available are US dollars, Canadian dollars, euros, pound sterling, and Swiss francs.
Steps Required to Open an Account in Belize
International Wealth experts offer their assistance in hassle-free account opening online. Here is what you will have to do:
- Contact us by following the above link and sign a consultancy agreement with our experts
- Pay for assistance in opening an offshore account
- Prepare the documents using our recommendations and send them to us for a thorough check
- Wait for some time while we are cooperating with the bank and get a fully operational account very soon!
Some people venture on their own. However, if you want to get an instrument for your business rather than try to get it, you can contact us and have a smooth experience.
We are just a click away!